In April 2026, if you haven’t added Zhipu to your watchlist yet, you might have missed one of the most compelling stories in this round of AI asset revaluation.
Earlier today (April 22), Zhipu (02513.HK) surged again during morning trading. As of publication, its share price was up 5.21% at HKD 999.50, with a trading volume of HKD 457 million. Just days earlier, on April 20, Zhipu’s intraday gains exceeded 14%, with the stock reaching HKD 1,020—a new all-time high.
This rapid climb in share price didn’t happen by chance.
Behind the Thousand-Dollar Breakout: Token Economics Fuel a New AI Narrative
Zhipu made its debut on the Hong Kong Stock Exchange on January 8, 2026, with an issue price of HKD 116.2. The stock briefly dipped below its IPO price on the first day, but in less than three months, this "first AI stock" soared from its lows to break the thousand-dollar mark. The cumulative gain exceeded 760%, with its market cap briefly surpassing HKD 430 billion—outpacing established internet giants like JD.com and Baidu.
The driving force behind this rally comes down to two key concepts: Token and pricing power.
On March 31, Zhipu released its first annual report since listing. Full-year revenue exceeded RMB 724 million, up 132% year-over-year, making it the largest large-model company in China by revenue. Its gross margin reached 41%. Even more impressive, in Q1 2026, Zhipu’s API pricing rose by a cumulative 83%, yet usage didn’t drop—instead, it jumped 400%.
This "rising volume and price" phenomenon is extremely rare among global large-model providers. Zhipu CEO Zhang Peng attributes it to a business model of "intelligent upper bound × Token consumption scale"—when the model is strong enough, the API itself becomes the optimal business model. As of March 2026, Zhipu’s API business annual recurring revenue (ARR) soared from USD 39 million in December 2025 to USD 250 million, a 6.4-fold increase.
Institutional Perspective: UBS Initiates Coverage with "Buy" Rating
On April 21, UBS released a research report, initiating coverage of Zhipu with a "Buy" rating and a target price of HKD 1,160. UBS noted Zhipu’s strong track record in improving model intelligence, especially in coding capabilities, with a strategy similar to US-based AI company Anthropic. As enterprise AI demand reached a turning point in early 2026, UBS expects a breakthrough in commercialization.
UBS also highlighted that Zhipu’s GLM-5.1 model achieves approximately 8 hours (human equivalent) in long-duration task completion, ranking first among global open-source models and narrowing the gap with Anthropic. The firm forecasts Zhipu’s revenue compound annual growth rate (CAGR) from 2025 to 2027 will hit 231%, driven by significant expansion of its open platform and continued rapid growth in local deployments.
How to Trade Zhipu Stock on Gate?
For crypto industry users, trading Zhipu stock on Gate is straightforward. Gate’s contract stock section officially launched live ZHIPU perpetual contract trading (USDT settlement) on April 13, 2026, at 06:00 UTC.
Key Parameters at a Glance
- Trading Pair: ZHIPU_USDT
- Underlying Asset: Zhipu (02513.HK), Zhipu AI—an AGI (Artificial General Intelligence) foundational model company
- Settlement Currency: USDT
- Leverage: Supports 1–20x long and short positions; leverage can be selected when placing orders
- Trading Portal: https://www.gate.com/futures/USDT/ZHIPU_USDT
Three Steps to Start Trading ZHIPU Perpetual Contracts
- Log in to your Gate account: Complete KYC verification (minimum level required to participate in contract trading).
- Transfer USDT to your contract account: Perpetual contract trading uses USDT as margin. Ensure your contract account has sufficient USDT.
- Search for ZHIPU_USDT: On the contract trading page, search for "ZHIPU," select the ZHIPU_USDT trading pair, set your leverage and position size, and you’re ready to open a trade.
Advanced Options: Gate TradFi Stock Section
Beyond perpetual contracts, Gate also offers a TradFi stock section featuring CFD (Contract for Difference) trading, supporting Zhipu and several other Hong Kong-listed stocks. Users can access this section via the "TradFi" tab on the Gate App or web platform, with 4x fixed leverage and a minimum order size of 0.1. Before your first trade, you’ll need to activate TradFi permissions; once you deposit USDT, you can start trading.
Risk Warning and Summary
Zhipu’s explosive growth comes with risks that shouldn’t be overlooked. On April 15, Zhipu’s share price plunged over 10% in the afternoon, with its market cap falling back to around HKD 370 billion. As a newly listed stock with just over three months on the market, Zhipu’s price is highly volatile. Investors should manage their positions carefully and implement robust risk controls.
Conclusion
As of April 22, Zhipu’s share price continues to fluctuate strongly around the thousand-dollar mark. UBS has initiated coverage with a "Buy" rating and a target price of HKD 1,160, signaling mainstream institutional confidence in its AI commercialization prospects. The "rising volume and price" logic of token economics is being validated by the market, forming the core narrative supporting the stock price.
On Gate, users can participate in Zhipu’s long and short trades via the ZHIPU_USDT perpetual contract with 1–20x leverage, or opt for CFD trading in the Gate TradFi stock section with 4x fixed leverage. Whichever method you choose, be sure to fully understand the associated risks and make rational decisions before trading.
